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UK fashion label LK Bennett seeks accelerated sale

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December 22, 2025

UK high street fashion label LK Bennett is working with advisers on an accelerated sale process, Sky News reported.

LK Bennett

The chain, whose dresses have been worn by the Princess of Wales, is working with Alvarez & Marsal to sound out potential buyers and investors, the outlet reported, citing people with knowledge of the matter.

It’s unclear whether a sale of the loss-making brand was likely or whether existing backers might be prepared to inject more funding into the business, Sky added. 

LK Bennett, which had a previous brush with insolvency in 2019, didn’t respond to Sky’s request for a comment. A&M declined to comment, according to Sky. 

 



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Maxfield and Rick Owens launch first-ever footwear collaboration

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December 22, 2025

Los Angeles-based luxury retailer Maxfield launched on Saturday its first-ever exclusive footwear collaboration with Rick Owens

Vintage Sneaks by Rick Owens for Maxfield. – Rick Owens x Maxfield

The project, titled “Vintage Sneaks by Rick Owens for Maxfield”, is limited to just 24 pairs worldwide, offered across men’s and women’s sizing.

Designed by Rick Owens exclusively for Maxfield, the sneaker is crafted in black pirarucu leather, sourced from the large freshwater fish native to the Amazon Basin and known for its distinctive scaled texture, reflecting Owens’ ongoing exploration of unconventional luxury and material innovation. 

Built at an under-ankle height, the silhouette features eight eyelets with laces, structured toe caps, and a triangular leather appliqué at the side, while Rick Owens’ signature shark-toothed bumper sole anchors the design in the brand’s unmistakable visual language. The sneaker is finished with a custom red insole printed with both Rick Owens and Maxfield branding, reinforcing its status as a true collaborative exclusive.  

It is now available exclusively at Maxfield Los Angeles, Maxfield Malibu, and online.

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Nike’s China conundrum deepens as turnaround stagnates, shares slump

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Reuters

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December 22, 2025

Nike is running out of time to prove its China playbook works as its sixth straight quarterly decline in sales in the country underscores how a market once seen as a growth engine has become the biggest pressure point for the U.S. sportswear giant.

Reuters

Second-quarter footwear sales dropped 21% in China, which accounts for roughly 15% of Nike’s annual revenue. “It’s clear we need to reset our approach to the China marketplace,” CEO Elliott Hill said on Thursday’s post-earnings call.

The company’s struggles in China are longstanding and investors were never expecting a quick return to growth. But Hill’s aggressive push to refresh product offerings and cut legacy lifestyle lines has not shown even the slow, steady progress investors had hoped for.

Instead, margin pain is mounting: second-quarter gross margins fell about 300 basis points, hit by tariff costs and a glut of obsolete inventory.
Nike’s stock closed down 11% at $58.71 on Friday, its lowest level in seven months. Including this session’s moves, the stock is down 22% this year and is on track for a fourth consecutive year of declines.

The structural challenges are stark in a consumer market beset by fierce competition and shopper fatigue that is pushing prices down.

Hill acknowledged Nike had not invested enough in refreshing its Chinese outlets to boost foot traffic, but China’s so-called monobrand retail landscape — where brands commonly operate their own stores instead of selling through third-party retailers — also limits Nike’s ability to replicate the multi-channel dominance it enjoys in the U.S.

Meanwhile, digital, seen as critical for growth, is sputtering, with online sales down 36% as competition from domestic brands like Anta and Li-Ning intensifies.

“It might be the economy but it’s likely the backlash against Western brands continues,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.

“Nike products feature the swoosh, telling people what you are wearing and it seems like all the higher-end products are out of style. Compound this with the company’s missteps in design and you get this quarter’s results.”

Hill and Chief Financial Officer Matthew Friend would not take the bait when asked by an analyst on Thursday’s call for a timetable on China recovery. Friend cited a “dynamic environment” and “complicated” turnaround effort.

“We firmly believe our growth will come through sport,” Hill said, “but the reality is we’ve become a lifestyle brand competing on price in China.”

Friend said Nike was less promotional than last year during the key Singles Day selling event on November 11, and was reducing sales events for spring and cutting down on summer buys in an attempt to improve full-price sales.

David Bartosiak, analyst at Zacks Investment Research, said Nike seemed to be betting that “brand heat and partner relationships will eventually overpower” margin headwinds, though profitability will take a hit in the meantime.

“The China results were … partly by design, as Nike tries to eliminate obsolete and slow-selling inventory,” said Morningstar analyst David Swartz.

Swartz said Nike had earned the benefit of the doubt — at least for a few more quarters. “Nike was in a similar situation in North America” when Hill took the reins in October of 2024, “and the results have gotten better.”
 

© Thomson Reuters 2025 All rights reserved.



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Tendam’s Richard Gum: ‘Cortefiel has been a pioneer in virtually every facet of Spanish fashion’

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December 22, 2025

2025 is a year of milestones and anniversaries. Among them is that of one of the doyens of Spanish fashion, Cortefiel, which celebrates eight decades on the market. Now firmly established as a pioneering brand and the seed of one of Europe’s leading textile groups, FashionNetwork.com speaks to Richard Gum, buying director for Cortefiel, Pedro del Hierro Menswear and OOTO.

With previous experience at Federated Department Stores (now Macy’s) and Gucci, he has spent 30 years at the Spanish company.

Richard Gum, Buying Director, Cortefiel, Pedro del Hierro Menswear and OOTO – Cortesía

FashionNetwork.com: Cortefiel turns 80 in 2025 and you have been with the company for three decades. How have you seen the brand evolve over this time?

Richard Gum: We’ve professionalised management through the rollout of systems, new functions within the company and a sharper focus on design. The way we work has changed significantly, thanks in part to the growing importance of digital—both commercially and operationally. What hasn’t changed is how we think about the customer, our desire to stay close to society, and our determination to weather the crises that come our way—of which there have been many over the past 80 years, and indeed the last 30.

Equally unchanged is our long‑term mission to stay relevant, which compels us to pay close attention to innovation and societal shifts. We do this while upholding our philosophy of a people‑centred business—customers, our team—and pursuing profitable, responsible growth.

FNW: How is this strategy structured to stay relevant?

R. G.: Innovation and staying current are vital, but you can’t be relevant without an essence—a heritage—to preserve. As an 80‑year‑old company, those of us here today want to keep making it better and ensure it lasts another 80 years. How? By staying current and remaining part of our customers’ lives.

Cortefiel celebrates eight decades of history in 2025.
Cortefiel celebrates eight decades of history in 2025. – Cortefiel

FNW: What values defined the brand at its origin and are still present today?

R. G.: First and foremost, the product. It’s in our name—a “faithful cut”. We pay close attention to construction, use quality fabrics and, across our sales channels, aim to advise customers as well as possible. Those values are embedded in the garments and, as a company, we work as a team and strive to act responsibly towards everyone in our ecosystem, be they customers, employees or external partners.

FNW: From a corporate angle, the company has changed a lot in recent years. What was the Cortefiel group became the Tendam group and, in the last five years, new brands have been incorporated and launched. Not to mention the recent acquisition by Multiply Group. How has the brand dealt with these processes?

R. G.: With the transformation from Grupo Cortefiel to Tendam, what we on the inside have seen is the professionalisation of operations. By sharing them across several banners, we’ve been able to build more robust sourcing structures, strengthen logistics and distribution, and bring in IT specialists—things that, as standalone brands, we wouldn’t have managed in the same way. That professionalisation has allowed those of us working within the brands to focus more on our customers, products and value proposition.

As for new brands, Cortefiel—being the base of the group and the original core—has positioned itself very well to serve as an incubator. Pedro del Hierro began within Cortefiel and, although it remains an important part, it now has its own identity. Women’secret also launched with a strong presence in Cortefiel stores and later became completely independent. We now have newer brands—Hoss, OOTO and Slow Love—enjoying strong growth and adding significant value to the group, while giving customers more choice.

FNW: So, what role would you say Cortefiel plays within the Tendam group?

R. G.: As the brand from which the group originated, it plays a fundamental role in how we see ourselves as a company. It has provided the platform for growth and for adding brands over the past 80 years. It has served not only as an incubator for brands, but also for initiatives such as our loyalty club, which now counts eight million members. Club Cortefiel launched in 1979 and was truly pioneering—preceding even the department store programmes.

FNW: Let’s talk about distribution. What is Cortefiel’s current position?

R. G.: We operate in 40 countries. Spain remains our home and is hugely important to us, but we’re pursuing an organic, very natural expansion into other markets. We have a franchise network across Africa, Latin America, Europe and Asia. We’ve recently opened concessions in Shaws department stores in Ireland, inaugurated the first Hoss store in Mexico and, also in the Mexican market, we’ll launch Cortefiel in spring 2026.

Cortefiel plans to enter Mexico next spring.
Cortefiel plans to enter Mexico next spring. – Cortefiel

FNW: What will Cortefiel’s landing in Mexico be like?

R. G.: They will be standalone stores, offering our full assortment—menswear and womenswear. We’re in the process of signing contracts and organising the expansion. Although we’re a Spanish company, when we enter a new country like Mexico it’s vital for us to build the same closeness and connection with local customers that we enjoy with consumers in mature markets such as Spain and Portugal. We want to understand their needs, tastes and shopping occasions, which aren’t exactly the same as elsewhere.

FNW: How does Cortefiel connect with international audiences? What do customers like about the brand outside Spain?

R. G.: In some countries we see a very positive response from the outset—Portugal, for example. Others are less similar to Spain, such as those in Latin America or the Balkans, where our elegance, quality and a style distinct from global fast fashion—focused on adult customers—are appreciated. European style in general, and Spanish in particular, also carries positive weight abroad.

FNW: Going back to Cortefiel as a brand, what would you say is its legacy to Spanish fashion?

R. G.: It has been a pioneer in almost every aspect of Spanish fashion. It was among the first chains to expand abroad, among the first to offer menswear and womenswear under one roof—even to install fluorescent lighting! In many Spanish cities, the first escalator was at Cortefiel. That drive to stay current is our heritage and what will help us remain relevant—continually considering what we can contribute, how we can offer a better product, and how we can listen more closely to customers and markets. We’ve also incorporated topics that barely featured 20 years ago, such as sustainability. And we’ve done so while preserving our style and a very human philosophy: it’s our strength, the legacy of the past and the roadmap for the future.

FNW: There are still two decades to go before 100, but Cortefiel is well on its way to becoming a centenary brand. How do you envision the firm on that anniversary?

R. G.: I hope to be retired by then—although you never know! Joking aside, given everything that’s changed in the company over the past 20 years, it’s hard to imagine what the next 20 will look like. I’m sure that by then Cortefiel will be fully up to speed with technology; we’ll deliver our products to customers in the way they want to receive them and use every tool at our disposal to offer the best product. I imagine we’ll be able to create increasingly personalised garments, under a more sustainable business approach that uses only the resources required to deliver the best result. I believe we’ll still be intent on dressing people well, with durable, versatile garments. That balance—using the tools available to adapt to society while preserving our essence—is what has brought us to 80 years.

This article is an automatic translation.

Copyright © 2025 FashionNetwork.com All rights reserved.



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